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Appraisal Contingency Addendum

Appraisal Contingency Addendum Template for Singapore

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Appraisal Contingency Addendum

"Need an Appraisal Contingency Addendum for a Singapore commercial property purchase closing in March 2025, with a requirement for two independent valuations and a 15-day contingency period."

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What is a Appraisal Contingency Addendum?

The Appraisal Contingency Addendum is a crucial document in Singapore's property transactions, designed to protect buyers from overpaying for properties. This document becomes necessary when buyers require financing and lenders need assurance of the property's value, or when buyers want to verify the property's market value independently. It specifies the conditions under which a buyer can withdraw from the purchase agreement based on the appraisal results, following Singapore's property regulations and banking requirements. The addendum typically includes details about the appraisal process, timeframes, and the rights and obligations of all parties involved.

What sections should be included in a Appraisal Contingency Addendum?

1. Parties: Identifies all parties to the addendum (buyer, seller, agents)

2. Background: References the main purchase agreement and context

3. Definitions: Key terms used in the addendum including 'Appraisal', 'Appraised Value', 'Purchase Price'

4. Appraisal Requirement: States the requirement for property appraisal and qualification requirements for the appraiser

5. Timeframe: Deadline for completing the appraisal and delivering results

6. Contingency Terms: Conditions under which the contract may be terminated based on appraisal results

What sections are optional to include in a Appraisal Contingency Addendum?

1. Alternative Dispute Reֱ: Optional clause for mediation/arbitration in case of disputes over appraisal results

2. Second Appraisal Rights: Optional provision allowing parties to obtain a second appraisal if dissatisfied with initial results

3. Cost Allocation: Optional section specifying how appraisal costs will be divided between parties

What schedules should be included in a Appraisal Contingency Addendum?

1. Schedule A - Approved Appraiser List: List of acceptable licensed appraisers in Singapore

2. Schedule B - Appraisal Standards: Required valuation methodology and standards as per SISV guidelines

3. Schedule C - Timeline Schedule: Detailed timeline for appraisal process including key milestones and deadlines

Authors

Alex Denne

Head of Growth (Open Source Law) @ ֱ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Residential Property Act (Chapter 274): Core property legislation governing residential property ownership and transactions in Singapore, including restrictions on foreign ownership

Housing and Development Act (Chapter 129): Legislation governing public housing in Singapore, including HDB properties and their valuation requirements

Conveyancing and Law of Property Act (Chapter 61): Legal framework for property transactions and transfers, including requirements for valid property contracts

Appraisers Act (Chapter 16): Legislation governing the licensing and conduct of professional appraisers in Singapore

Valuers Act and Valuers Rules: Regulatory framework for property valuation practices and professional standards for valuers

SISV Guidelines: Professional guidelines issued by Singapore Institute of Surveyors and Valuers for property valuation methodology and standards

MAS Guidelines: Monetary Authority of Singapore's regulatory guidelines affecting property financing and valuation requirements

Banking Act (Chapter 19): Banking regulations affecting property financing and loan requirements, particularly for residential properties

MAS Notice 632: Specific regulations on residential property loans, including loan-to-value limits and requirements for property valuation

Contract Law (Chapter 53): General contract law principles applicable to property transactions and contingency agreements

Misrepresentation Act (Chapter 390): Legal framework protecting against false or misleading statements in property transactions and valuations

Consumer Protection (Fair Trading) Act: Consumer protection legislation ensuring fair practices in property transactions and related services

CEA Guidelines: Council for Estate Agencies guidelines governing real estate transactions and professional conduct

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